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Nero fiddled with Rome but this time around President Obama is busy setting fires himself in his zeal to bring greedy bankers to their
knees. In the process, he will bring to its knees the very system that raises money for business expansion, finds homes for investments, and that
frees up funds for Main Street. Of course, these items make our overall stock market weaker. The CME, ICE, NDAQ, and NYX are getting rocked. Then
there is Goldman Sachs (GS), JP Morgan (JPM), and Morgan Stanley (MS). Regional banks act great but the overall market is reeling from yet another
malicious attack on capitalism. Some stuff is hard to argue against, and in fact I don't like the idea of banks making high risk trades with Main
Street deposits. However, it's transparently clear that the venom aimed at this industry reflects deep animosity toward prosperity. I think that the
market is sending a message as loud and as clear as the voters in Massachusetts.
On the economic front, news has been mixed today. The Philly
Fed report missed consensus for its headline reading but had a couple of very positive trends, including prices received edging to the highest reading
since October 2008 and employment climbing to its highest reading since February 2008.
Then there is the report on Leading Economic Indicators, at one time
this was said to be Alan Greenspan's favorite data point. It's not very influential these days but it was higher than expected, with an increase of
1.1% against the consensus of 0.7%.
Then
there is an economy based on demand. In this case demand for energy via petroleum products.
* Crude saw a drawdown of 471,000 barrels; the
experts said there would be a build of 2,450,000.
* Gas build was only 395,000, much lower than the 1,750,000 anticipated.
* Distillate draw was
ten times expectations at 3,263,000, reflecting unseasonably cold weather.
I felt this kind of selloff coming, but it's never pleasant while
it's actually happening. We aren't panicking even though the bias has shifted to the downside.
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